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Handling Accountancy In-House can be Costly! Consider Engaging Small Business Accountancy Services

Handling Accountancy In-House can be Costly! Consider Engaging Small Business Accountancy Services

If you are a small business owner and are handling the accountancy of your business by yourself, then you are probably incurring some costs to your business!

Many small business owners think they are saving money by carrying out accountancy in-house or on their own. The fact, however, is that the price they are really paying is quite higher than engaging small business accountancy services , like the ones offered by ob体育首页下载安装. Continue reading to discover more.

Adequate Procedures & Professionalism

Accountancy is not just addition and subtraction! If it were, then anybody with a primary school education would be an accountant. Accountancy is also not about just recording and keeping track of various financial transactions. It is a smart discipline that ensures the financial records of a business are current, accurate, and complete.

It is not uncommon for many business owners who handle their own paperwork to keep fiddling with their previous financial records. For instance, finding an unaccounted receipt today or remembering recording a wrong figure, would urge a business owner to change the previous month’s records. While ensuring the accuracy of your books is essential, continually disrupting the records means the financial picture of your business is always changing. The reports of your business become less reliable, and no one will trust your records.

Even some bookkeepers tend to follow this practice because they are not trained in the accountancy discipline. This is one of the reasons to employ small business accountancy services from a professional and experienced firm rather than an in-house bookkeeper. Small business accountancy services will bring the discipline and streamline your financial/accountancy operations.

Accounting Analysis & Financial Advice

Skilled and certified accountants for small business can offer an unmatched level of analysis of the finances of a company that is well beyond what anyone else could. By looking at the books, experienced accountants for small business can identify and understand the patterns in revenues and expenditures, which you would not be able to do on your own. Understanding these patterns can help you create strategic plans to expand and improve your business further.

Professional accountants at a reputable small business accountancy firm in London, like ob体育首页下载安装 , can also offer sound financial advice to better your business. Learn how to cut expenses and increase revenue by engaging expert accountants. By engaging small business accountancy services, you may also be able to discover all the tax planning opportunities that help reduce your overall tax burden.

Tax Legislations & Tax Breaks

No one likes paying taxes, but things can become very serious if you do not pay at all or file them wrong. Only some business owners can comprehend various tax laws when they apply to their businesses. Value-added tax, payroll tax, capital gains tax, income tax, corporation tax, and more – all have to be paid to HMRC accurately and on time. However, the moment a business owner starts to understand, the tax legislation changes!

Business owners have other important things to do than understanding the various tax legislations and dealing with HMRC. A decent small business accountancy firm, like ob体育首页下载安装, also has experienced small business tax accountants on its team who take the tax hassle out of your business.

These small business tax accountants are familiar with the latest tax legislations. They make sure that all your tax deadlines are met, and your financial reports are accurate so the proper amount can be paid.

Professional small business tax accountants often have in-depth insight into various tax breaks or tax benefits that business owners may not even know remotely. Engaging small business tax accountants can substantially minimise your overall tax burden.

Conclusion

Doing accountancy in-house may apparently seem economical, but it is not. Engaging professional small business accountancy services, on the other hand, will certainly prove cost-effective. There are numerous benefits of engaging professional services. They streamline your financial operations, ensure your books are accurate and up-to-date, analyse and provide essential data to help create strategic plans, offer practical financial advice, and help reduce the tax burden among other things.

If you are in need of quality small business accountancy services in London, UK, then just contact us at ob体育首页下载安装. We are the leading small business accountancy firm in the UK, and we provide a range of high-quality accountancy and advisory services to all kinds of businesses. We have some of the best accountants and tax accountants for small business in London who can take care of your entire business accountancy.

Discover more about us and our small business accountancy services by getting in touch with us https://www.affinityassociates.com/contact-us/ .

Top Benefits of Operating Business as a Limited Company

Top Benefits of Operating Business as a Limited Company

Are you operating your business as a sole proprietor? Have you ever heard or thought about incorporating your business? There are great benefits of running as a limited company!

Starting as a sole proprietor is indeed the simplest way to kick off a business in the UK. To run as a sole proprietor, all you need to do is register with HMRC and inform that you are operating as a self-employed, and report all your financial activities through the self-assessment tax process annually.

Establishing the business as an incorporated entity or a limited company, on the other hand, involves a complex company formation process. Further, the administrative and financial responsibilities of functioning as a limited company are also greater than those of a sole trader. Despite the complexity and burden, operating as a limited company can be very beneficial for you.

Here are some of the notable advantages of functioning as a limited company:

Separate Legal Entity

Unlike a sole proprietor business, a limited company has an entirely separate identity from its owners. Ranging from the bank accounts to the ownership of various assets, everything belongs to the company and separate from its shareholders’ interests. Even the debts and liabilities are in the name of the incorporated company, and the company itself is responsible for them. Hence, if the company becomes insolvent, owners or the shareholders are not responsible to for the bankruptcy.

In case of a sole proprietor business, the business and the owner are considered as a single entity; hence, the owner is responsible for everything.

Tax Benefit

By running your business as a limited company, you may perhaps have to pay less tax than as a sole proprietor.

A limited company needs to pay corporation tax on the income or profit it makes. Whereas, a sole proprietor needs to pay income tax on the income or profit his/her business makes. The current corporation tax rate is 19%. And, the current income tax rate is 20-45%! You can see yourself how much less tax you will need to pay by functioning as a limited company.

Further, from a limited company, you as a director or shareholder can draw a salary as well as substantial income in the form of dividends. Both dividends and salary are taxed separately, so you will receive the maximum income while paying less tax.

Limited Liability Protection

By operating your business as a limited company, you as the owner get a ‘limited liability’ protection. Limited liability protection simply means that if the company runs into any trouble, your personal assets will remain safe. You will not be responsible for any form of losses made by your company because your company is a separate entity, as mentioned above, which is liable for its own losses.

In case of a sole proprietor business, the owner does not get any such protection. Therefore, whenever any loss arises, the owner needs to bear it all by him/herself.

Funding

Acquiring new funding these days can be difficult for all kinds of businesses. Nevertheless, since a limited company is entirely a separate legal entity, it could be a little easier for it to acquire funds than it is for sole proprietors. Most financial institutions trust incorporated entities more than sole proprietors.

Further, if provisions allow, then a limited company can also raise capital via issuing of new shares.

Professional Outlook

In some sectors, being a limited company can portray that the company has credibility and is dedicated to effective and sound management.

A limited company gives both the suppliers and customers a sense of confidence and most companies, especially big enterprises, will never prefer to deal with sole proprietors. For that reason, incorporating your business can be beneficial to create a professional outlook, which helps bring in new prospects.

Incorporating your business is not too expensive and difficult! Just get in touch with the experienced accountants for small business in London at ob体育首页下载安装, and seek their incorporation/company formation services .

The skilled accountants for small business in London at ob体育首页下载安装 will help you not only with the company formation process, but also with the accountancy for a limited company! ob体育首页下载安装’ accountants for small business are vastly experienced and will take care of every accounting aspect of your incorporated or self-proprietary business. Discover what small business accountants in London at ob体育首页下载安装 can do for you by visiting the following link https://www.affinityassociates.com/accountancy-services-uk/ .

Have any questions regarding incorporation or small business accountancy? Just get in touch with us https://www.affinityassociates.com/contact-us/ .

Knowledge source: http://www.bytestart.co.uk/

How to Find Good Accountants for Small Business

How to Find Good Accountants for Small Business

Are you having trouble preparing and filing your business taxes? Are you unhappy with your current tax accountant? Below are some simple tips for finding and selecting accountants for small business in London to whom you can trust your firm’s paperwork and rely on for practical financial advice.

Why Engage Accountants for Small Business

Engaging accountants for small business can save you substantial time and clear up a lot of confusion you face when it comes to handling your firm’s finances and taxes. Collaborating with reputable accountants for small business in London, however, can offer other benefits as well:

  • Act as a Reliable Advisor – An experienced accountant for small business not only takes care of your books and taxes but also advises on important financial matters. Such an accountant can help you manage cash flow, assess risk, plan for growth, and keep your accounts in order and up-to-date.
  • Help Balance Personal & Business Needs – Most small businesses find that their firm and personal finances are entangled closely into each other. A skilful accountant for small business can help you take sound decisions that are beneficial to both your personal and business needs.

How to Find Good Accountants for Small Business

While referrals are an ideal way to find good accountants and tax accountants for your small business, a simple online search can also help you find experienced professionals. Open up your favourite search engine and search for terms like, “ experienced accountants near me ,” “ reliable accountants for small business near me ,” “ good tax accountant for small business near me ,” “ best accountants for small business in London (or your locality),” and other such terms. You will certainly come across several good candidates or firms having such candidates!

Interviewing the Candidates

Once you find several candidates, make a short list of them. Now schedule a free consultation to help ascertain whether or not the accountants are the perfect fit for your specific needs. Ask them the following questions:

How much experience do you have dealing with small businesses? Businesses that are small often have complex accounting requirements and few resources to address them. Accountants who understand the complex needs and have a good base of small business clients will probably cater to your business better in the long run. Also find out whether the accountants have experience dealing with businesses that are formed like yours – sole proprietor, partnership, or incorporated.

How much knowledge do you have with my sector? Preferably, the accountants for small business you decide to choose should have the knowledge of your sector. Often, some accountants specialise in common sectors, like retail, manufacturing, etc., while others specialise in more specific sectors, like law firms, associations, financial firms, etc. whose accounting needs are different. Be sure to engage only those who specialise and have experience in your sector.

What can you do for my business? Professional bookkeepers can help you with bookkeeping. A tax accountant for small business can help you with tax preparation and filing. If you, however, want something more than bookkeeping and tax service, you need to collaborate with a reputable accountancy and consultancy firm, such as ob体育首页下载安装 . Such a firm, in addition to having skilled bookkeepers, accountants and tax accountants for small business, have experienced consultants, who can advise on a wide range of financial, business expansion, and tax matters. Engaging such an accountancy and consultancy firm in London will do much more than bookkeeping and accounting for your business.

How much do you charge? Small businesses always have an option to employ an in-house team of full-time accountants. Such an option, however, may prove to be expensive. See to it that the accountants you engage may not drain your pockets. Discuss the accountants’ fees beforehand. You are engaging accountants for small business to save time, and most importantly, money. So, be sure to collaborate the ones who can work at reasonable prices, and at the same time, deliver quality work.

Searching for the best accountants for small business in London? End your search at ob体育首页下载安装. We are the leading accountancy and consultancy firm in the UK and have some of the top accountants for small business in London, who can manage your business finances and taxes efficiently. Our accountants and tax accountants for small business in London will not only handle your books but also help grow your business with practical financial advice.

To discover more about ob体育首页下载安装, simply contact us https://www.affinityassociates.com/contact-us/ .

Top Tips for Choosing Accountants for Small Business

Top Tips for Choosing Accountants for Small Business

Professional accountants for small business can be very resourceful for any kinds of business owners. Experienced accountants for small business will keep your accounts in order, will advise on tax planning opportunities, and will ensure that your business stays in compliance with every legislation. Here are some tips to help you select the best accountants for small business.

Top Tips for Choosing Accountants for Small Business

  1. If you are a start-up business, engage professional accountants for small business at the earliest, as they will be able to give advice on numerous essential things, including establishing streamlined bookkeeping and accounting processes.
  2. Ensure the prospective accountants are well qualified. Most accounting and consulting firms in the UK are members of an established accountancy body, such as ACCA (Association of Chartered Certified Accountants) or ICAEW (Institute of Chartered Accountants in England and Wales).
  3. Ensure the accountant has experience of dealing with small businesses that are in the same trade sector as your business. If you are a law firm or a financial services firm, for example, it will be in your best interest to engage specialist accountants instead of “general” accountants for small business.
  4. See how much the accountancy firm will charge you and value will they add to your business. Also, find out how they will charge you – monthly or annually? Can the accountancy firm you decide to pick offer a bespoke quote?
  5. Find out what additional services your accountants provide. Along with normal tasks, such as bookkeeping, payroll management, annual accounts preparation, etc., will your accountants for small business help with tax planning, tax return, company formation, management consultancy and other services that are essential for your business?
  6. Contact a handful of accountancy and consultancy firms in the UK when selecting accountants for small business. Meet some of those firms in person to get an idea of whether they are professional, suitable and competent enough for your business.
  7. Instead of choosing a larger accounting and consulting firms, settle with a small, yet proficient firm with the required skill sets and resources. Generally a small accounting and consulting firm tends to understand the unique and specific needs of small businesses more than larger firms. Smaller firms are also more reactive and also proactive to small business needs than larger firms.
  8. Find out what the existing clients of your prospective accountants say about them. This will give you a good insight on how they work. Ask your potential accountants to give you some business references to whom you can talk to about their experiences with the accountants.
  9. One of the biggest problems small businesses face is the communication with the accountants. The need to see the essential financial reports may arise at any time, even during the night or when you are somewhere in another part of the world, planning business expansion. If you are not able to get the reports when you need, you may face trouble or miss out on something of value. Time is of the essence and you need an accountant who empathises with your aspirations and vision.

    Therefore, choose the local accountants who are swift and efficient with the communication and use modern technology to make your work and financial reports available online, which you can access from anywhere, at any time.

  10. Choose accountants for small business who consider you as a valuable partner instead of just a client. Only a partner can understand your business better and help with its prosperity. Some reputable accounting and consulting firms in the UK offer a free trial, which can help you decide whether they can become your true partner or not.

Engaging professional accountants for small business, like  ob体育首页下载安装, is certainly beneficial for your business.

ob体育首页下载安装 is a reputable accounting and consulting firm that has some of the best accountants and tax accountants for small business in London, UK. Certified and vastly experienced. Professional accountants at ob体育首页下载安装 provide a complete small business accountancy service in London and across the UK.

To learn more about the accountants and tax accountants for small business in the UK at ob体育首页下载安装, please explore our site https://www.affinityassociates.com/ or contact us at info@affinityassociates.com .

Professional Accountants for Small Business: How They Can Help You

Professional Accountants for Small Business: How They Can Help You

As a business owner, you need to be good with numbers and should enjoy working with them. If you are not good or just do not like working with numbers, then professional accountants for small business in London can help. No matter what kind of business you own, it is a good idea to hire a professional who can help you with your small business finances.

One of the most common reasons to hire professional accountants for your small business is to deal with taxes. While some individuals find it easy, many have trouble when it comes to tax return preparation, particularly if there are various exceptions and deductions involved. You can hire an experienced small business tax accountant who can do your taxes from start to finish. In such a case, all you need to do is provide the necessary facts and figures about your financial situation. An experienced small business tax accountant can also provide you practical tax advice, which would help reduce your annual tax bill.

If you have a complex business arrangement, like a partnership or limited liability company, tax matters could become really confusing and bothersome. For such an establishment, you might also have difficult questions regarding the finances throughout the year. While a full-time, in-house accountant may be able to carry out bookkeeping and accounting, they may not be able to provide you essential financial and tax planning advice to further better your business. On the other hand, professional accountants for a small business working for a reputable accountancy and consultancy firm in London, UK, like ob体育首页下载安装, can provide you the valuable financial accounting support and financial accounting advice, which can strengthen your overall financial condition. At ob体育首页下载安装, we also have experienced tax accountant for small business who can take care of your taxes as well as provide valuable tax planning advice that helps reduce the annual tax burden.

Another good reason to hire accountants for small business is to manage your firm’s payroll. In case you have employees, even a single employee, working for your establishment, you need to do the payroll. You may need to include PAYE (Pay As You Earn) in your payroll system and report to HMRC every month. Now, payroll management can be a big hassle. It is time-consuming and tasking. It also needs to be done accurately. If you lack the knowledge of payroll accounting or you simply do not have enough time to look after it, then expert accountants for small business can help. Payroll services from experienced accountants for small business in London will take care of your entire payroll accounting, while giving you all the time you need to focus on your core business.

No matter what type of business you have, hiring local accountants is very beneficial. If you are searching for the most experienced local accountants for small business in London, who can take care of your bookkeeping and accounting, as well as handle your taxes and payroll management, then ob体育首页下载安装 is the right place.

The leading accountancy and consulting firm in London, UK, ob体育首页下载安装 has some of the best accountants and tax accountants for small business. Ranging from bookkeeping and accounting to tax advice and payroll management, the professional accountants at ob体育首页下载安装 will handle your finances in the most efficient manner.

Browse through our site https://www.affinityassociates.com/ to learn more about us and our services. If you have any questions about our outsourcing services, feel free to contact us https://www.affinityassociates.com/contact-us/ .